Many home owners are like voters.
In the run-up to the 2008 Congressional elections, the nationwide approval rating for the U.S. Congress sunk into single digits. I don't know if that was an historic low, but I hate to think we've ever had a Congress whose approval rating was less than 9 percent.
And, yet, on Nov. 4, more than 93 percent of U.S. Congressman and Senators running for re-election prevailed in their individual elections. In other words, "Everyone else's Congressman is a bum......except mine."
This mentality can apply to homeowners, as well. A lot of you agents may have already seen the new 3rd Quarter Zillow study, which reveals that Americans overwhelming acknowledge the real estate downturn.
Many just don't think it applies to them.
In fact, 49 percent of American homeowners polled believe their home has either retained it's value or increased in value over the past year, according to the poll, which was conducted for Zillow by Harris Interactive. This despite the fact 74 percent of homes nationwide lost value over the past 12 months, according to the Zillow study, released Nov. 12.
Moving forward, individual homeowners are equally as confident, with 61 percent believing their own home will retain its value, or increase in value, over the next six months. However, 57 percent of homeowners believe overall values in their individual markets will decrease over the next six months.
And people think selling real estate is an easy way to earn a living.
I got out of the crystal ball business a long time ago, so I don't profess to know what is to come. I do know the market is tough right now. And I read an interesting question today, in regards to homeowners' confidence in their own home.
Is this optimism a good thing, which might kick start the market, or is it just something that is just going to lead to unrealistic expectations and Realtor teeth-gnashing over the next six months?